1. Does Registry
Ease
Provide
Opportunity to
Defraud?
A Case Study -
Mauritius
experience….
D.Prabha Chinien,
Registrar of Companies, Mauritius
CRF, Auckand, March 2013

2. FRAUD THREATS
OBLIGATION TO PROTECT:-
• PROPERTY OF PERSON AND COMPANIES
• IDENTITY
• INVESTMENT

3. MEASURES IMPLEMENTED TO
MITIGATE RISKS
Legislative
Administrative procedures
Education – Staff
Public

4. LEGISLATIVE CHANGES
Main legislation in relation to companies –
Companies Act 2001
• New provision to disclose service address in
addition to residential address
• Proof of address
• Identity Card/passport details

5. Legislative changes
• Disclosure of beneficial ownership:-
‘’ where the shares are held by a nominee, the
names in alphabetical order and the last known
addresses of the persons giving to the
shareholder instructions to exercise a right in
relation to a share either directly or through
the agency of one or more persons’’

6. OTHER LEGISLATION
PACKAGE OF LEGISLATION INTRODUCED TO
COMBAT FRAUD:
• The Financial and Anti Money Laundering Act
Financial and Intelligence Unit
• The Prevention of Corruption Act - ICAC
• Data Protection Act
• The Computer Misuse and Cybercrime Act 2003
• Information Technology (Misc) Provisions Act

7. ADMINISTRATIVE PROCEDURES
STAFF
• Inbuilt features in the system
• Password for staff
• Identification badge
• Audit trail
• Limit access to use of electronic signature
template
• Active directory server to limit access

8. ADMINISTRATIVE PROCEDURES
Control access to public access to physical
records by:
• Identity checks
• Disclosure of personal details

9. ADMINISTRATIVE PROCEDURES
•
 Management Companies- due
diligence
Presenter’s details:
New safeguards to ensure identity of
the person submitting the application

10. Education
• Continuous training on risks associated
with keeping of information
• Awareness campaign on :
• Legislation to combat fraud
• Public – wide disclosure of
information

11. Conclusion
Does registry ease the opportunity for
defraud?
• Opportunity real but ways and means to
avoid the risks
• Is it the role of the Registry to ascertain
that?

12. THANK YOU